Question

You invest $24,000 at a simple interest rate of 12% for 9 years, and your

investment grows by $25,920. What is the principal?

Answer 1

The principal is $2400

Explanation:

Given

`P = \$24000`

`t = 9`

`r =12\%`

`I = \$25920`

Required

The principal amount

The principal amount is the amount invested.

From the question, we understand that $24000 was invested.

Hence, the principal is $24000